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Investor Relations14 Oct 2025
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BW Offshore (BWO) investor relations material
BW Offshore Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary28 Aug, 2025
Executive summary
2025 EBITDA guidance was raised to USD 240–260 million, reflecting strong operational and financial performance year-to-date and supported by high fleet uptime and arbitration settlement proceeds.
BW Opal FPSO was hooked up at the Barossa field, is near startup, and is on track for first gas in Q3 2025 under a 15-year, USD 4.6 billion contract plus options.
Sale of FPSO BW Pioneer for USD 125 million completed, with a five-year O&M contract secured; arbitration settlements contributed significant cash inflows.
Maintained quarterly cash dividend, supported by robust cash flows, strong liquidity, and compliance with covenants.
Strategy review reaffirms focus on FPSO core business, selective expansion into floating transition solutions, and disciplined capital allocation.
Financial highlights
Q2 2025 EBITDA was USD 57 million, with H1 2025 EBITDA at USD 148 million and net profit at USD 87 million.
Q2 2025 net profit was USD 24.6 million, or USD 0.14 per share.
Operating cash flow reached USD 103 million in Q2, with H1 net cash inflow from operations at USD 159.5 million.
End-Q2 net cash position of USD 213 million and available liquidity of USD 531 million.
Revenue for H1 2025 was USD 281.2 million, with Q2 operating revenues at USD 127.8 million.
Outlook and guidance
2025 EBITDA guidance raised to USD 240–260 million, with further upside expected in 2026 as BW Opal contributes a full year.
BW Opal expected to start production in Q3 2025, ramping up revenue from 60% to 100% day-rate.
Ambition to win one new FPSO project every other year and double company value by 2030.
Growing energy demand and pent-up FPSO project demand expected to drive new project FIDs over the next 12–36 months.
The company is evolving its execution model, focusing on project partnerships and risk management.
What drove the raised 2025 EBITDA outlook?
Explain backlog cashflow vs. revenue difference.
What caused the sharp drop in capital commitments?
New project execution model: How does it differ?
Floating transition solutions: Prioritization and capital?
Dividend covenant renegotiation: What drives it?
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Next BW Offshore earnings date
Q3 202514 Nov, 2025
Next BW Offshore earnings date
Q3 202514 Nov, 2025
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Eferix Drawings Google Play
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Frequently asked questions
BW Offshore Limited, an oil and gas company, provides floating production services to the offshore oil and gas industry worldwide. It is also engaged in the engineering of offshore production solutions for deepwater and harsh environments, as well as oil recovery. The company was formerly known as Bergesen Worldwide Offshore Limited and changed its name to BW Offshore Limited in May 2007. BW Offshore Limited was founded in 1982 and is based in Oslo, Norway.
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